Trading floor of the New York Stock Exchange
| credits: telegraph.co.uk
United States stocks were little changed, after the biggest advance in two months in the Standard & Poor’s 500 Index, as data showing an unexpected increase in housing starts tempered a tumble in Hewlett-Packard Company’s shares.
Bank of America Corporation and McDonald’s Corporation added, at least, 1.1 per cent to pace gains in the biggest companies.
Bloomberg reported that Chesapeake Energy Corporation climbed by 1.1 per cent after shareholder Carl Icahn increased his stake in the company.
HP slumped 11 per cent as it announced a charge of $8.8bn linked to its Autonomy Corp. business, saying there were “accounting improprieties” before its 2011 acquisition of the company. Best Buy Company declined by 11 per cent as the largest consumer-electronics retailer reported a $10m loss amid weaker-than-expected sales.
The S&P 500 rose by 0.1 per cent to 1,387.83. The Dow Jones Industrial Average fell by 3.52 points, or less than 0.1 per cent, to 12,792.44. Trading in S&P 500 companies was 2.4 per cent below the 30-day average at this time of day.
“There will be this back and forth,” Wayne Lin, a money manager at Baltimore-based Legg Mason Incorporated, said in a phone interview.
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US stocks remain unchanged